Financial crimes remain a growing concern in Saudi Arabia as authorities intensify efforts to combat scams, fraud, and cybercrimes. A recent high-profile case, reported by Arab News on October 8, 2024, revealed the arrest and conviction of two expatriates who orchestrated a large-scale financial fraud scheme across the Kingdom. The court sentenced both individuals to 15 years in prison and imposed a joint fine of SR1.5 million (approximately $400,000), in addition to ordering the confiscation of assets related to the crime.
According to the report, the fraudsters were involved in a total of 177 separate financial crimes that collectively amounted to over SR22 million in illegal gains. Investigations revealed that the duo operated a sophisticated network of call centers located in various parts of Saudi Arabia. These centers were used to make fraudulent phone calls to unsuspecting individuals while impersonating government officials.
The scammers tricked victims into believing they had unresolved legal issues or outstanding dues with government agencies. Using fear and pressure tactics, they convinced many to disclose sensitive personal and banking information. Once the scammers had access to this data, they were able to transfer funds or make unauthorized transactions.
When law enforcement authorities raided the suspects’ residence, they discovered a large cache of criminal tools and equipment. This included tablet devices, a large number of mobile SIM cards, multiple telecommunications gadgets, and a central control device used to coordinate and automate scam calls. The investigation and evidence clearly illustrated the organized and premeditated nature of the crimes.
This case is one of the most significant financial fraud operations discovered in the Kingdom in recent years. It highlights the increasing sophistication of scam tactics and the need for public awareness to stay one step ahead of fraudsters.
Saudi authorities have been actively responding to the rise in financial fraud by launching public awareness campaigns, encouraging victims to report scams, and introducing advanced cybercrime units. The Saudi Central Bank (SAMA) has set up dedicated teams to investigate suspicious financial activity, especially related to online banking and mobile payments.
In parallel efforts, police in neighboring countries such as the United Arab Emirates have issued public warnings about emerging scams. For example, Abu Dhabi Police recently alerted the public about fake Ramadan competition scams circulating on social media platforms. These fraudulent campaigns promise cash prizes in exchange for personal and bank details, which are then exploited by criminals.
Authorities are urging all residents to be cautious when receiving unexpected phone calls, emails, or messages claiming to be from banks or government institutions. Any request for personal data, PIN codes, or bank details should be treated with skepticism and verified through official channels.
As financial fraud becomes increasingly global and technologically driven, cooperation between government agencies, financial institutions, and the public is essential. The case of the two expatriates in Saudi Arabia serves as a stark reminder of the impact of financial crimes and the importance of ongoing vigilance.
